FAWG Meeting 7 Jan 2013
Attending: Greg Murphy, Kendra, Steve. We met so that Greg could give us an overview of Occupy Boston bookkeeping.
The Liberty CU accounts were closed in September, but we're missing bank statements from that month. July 31, 2012 is the last Quickbooks reconciliation date.
Classes track what working group (or what proposal) money was spent on. Radio amounts in QuickBooks may not be accurate, due to need for reimbursement for out-of-pocket expenses.
1000 - Cash box. Money gets moved to this account when you withdraw it from the bank. Move money out of 1000 when cash expenses occur.
1005 Legal cash box corresponds to Liberty CU account for legal. Make sure that Legal money stays separate from Occupy Boston general funds. Legal money should stay in a dedicated bank account.
FAB is an affinity group; something of a successor to the women's caucus. About $250 of General fund money might be from Women's caucus.
Boston Occupier. The Occupier keeps their own accounting records online. From a financial standpoint, the Occupier is a separate entity.
Wepay accounts. We Need to periodically run reports and make journal entries into quickbooks. There are two sets of QuickBooks accounts for wepay: one set reflects donations in, and the other reflects the amount in wepay. Say we get a $50 donation, and wepay takes a $0.75 fee. You'll enter this as a $50.00 donation into the wepay donation account, where $0.75 is expensed as bank fees, and the remaining $49.25 moves into the wepay bank account (in Quickbooks).
Prepaid accounts. If you pay ahead, move money into Prepaid accounts. During the month that the payment applies to, move from prepaid to expense. If I recall correctly, prepay is treated as a liability, which is reduced each month the bills become due. This way March rent (for example), can be paid in Janary, but appear as an expense for March.
Undocumented expense accounts were used for proposals over $1000. They recognize the expense when a proposal passes. The initial expense is `uncategorized' because the money hasn't been spent yet. As the money is spent, you move funds from uncategorized expenses into specific expense accounts.